Trump Takes Truth Social Public as DJT , He's now worth $6B

[penguingrrl]

Mar 29, 2024 14:20:51 GMT -5 sent said:

Mar 29, 2024 10:23:48 GMT -5 penguingrrl said:

Given that Richard Saker is a massive Trump supporter and donor, it’s not surprising at all. ShopRite has the best prices, but I haven’t been to one in years due to his ongoing support of Trump. He’s absolutely a right wing extremist and the musical selection in the stores reflects that.

So it’s funny, I started typing that maybe the Sakers are Trumpers but then I remembered that the music predated his term in office. So I deleted it and figured 9/11 because we were discussing it in our house recently and I was giving them the benefit of doubt.

Yeah, he was a delegate for Trump at the 2016 nominating convention, he’s super involved in the party and a huge trump supporter. I haven’t been to a saker-owned store since.

[neverfstop]

Stock dropped 25% today...after legally required filings. I feel like Trump at least lost $1B on paper today....
I assume the "interest expense" will continue and no signs of additional revenue...
www.cnbc.com/2024/04/01/trump-media-lost-58-million-last-year-sec-filing-shows.html

The filing shows that in 2022, Trump Media had a net profit of $50.5 million and total revenue of only $1.47 million.

The company ended 2023 with just $2.7 million in cash on hand, the filing said.
-----
Much of the net loss appears to come from $39.4 million in interest expense, according to the filing.

[basilosaurus]

He saw Elon ruin Twitter and said hold my diet cokes

[fernweh]

He is suing his cofounders, claiming they should not be entitled to their shares in the company because lol why wouldn’t he?!

www.yahoo.com/news/trump-sues-truth-social-co-003924976.html

[ECB]

Apr 3, 2024 4:41:51 GMT -5 fernweh said:

He is suing his cofounders, claiming they should not be entitled to their shares in the company because lol why wouldn’t he?!

www.yahoo.com/news/trump-sues-truth-social-co-003924976.html

when will people learn and stop getting in bed with him?

[livinitup]

There is chit chat that Trump is suing the co-founders as leverage to get the board (they sit on the board) to let Trump sell his shares before 6 months. Which, if allowed, would be a disaster for everyone with shares except … Trump.

[fortnightlily]

Sounds like the co-founders sued him first, so this might also be par for the course for Trump's retaliatory nature. From the article:

"Moss and Litinsky sued Trump's company in Delaware Chancery Court in February, alleging that he was trying to dilute their shares by increasing the total number of authorized shares in the firm from 120 million to 1 billion."

[neverfstop]

Apr 3, 2024 13:23:09 GMT -5 livinitup said:

There is chit chat that Trump is suing the co-founders as leverage to get the board (they sit on the board) to let Trump sell his shares before 6 months. Which, if allowed, would be a disaster for everyone with shares except … Trump.

well hopefully the stock price will tank even before then and it will be worthless if/when he sells....
I thought he was supposedly going to use the shares as collateral - i.e. get a loan against their value & not have to actually sell them (which would drive down price).  I think that's what Musk did with Tesla stock to buy Twitter/X...as well as tons of other billionaires who don't want to pay capital gains, yet use their wealth to borrow more money and then write off the interest as a deduction.

[basilosaurus]

Apr 3, 2024 7:16:56 GMT -5 ECB said:

Apr 3, 2024 4:41:51 GMT -5 fernweh said:

He is suing his cofounders, claiming they should not be entitled to their shares in the company because lol why wouldn’t he?!

www.yahoo.com/news/trump-sues-truth-social-co-003924976.html

when will people learn and stop getting in bed with him?

Andy litinsky was in the second season of apprentise, so surely he should known better, but he's a very ambitious prick. Our paths occasionally crossed before he was on the show, so I watched a couple episodes, and it appears he's no different now than how he was way back when. I don't feel sorry for people who should know better but are only looking out for their own interests thinking they, too, can cash in on grift.

I just don't understand how actual smart people deal with someone they know will screw you in a heartbeat, and Andy is actually quite smart.

[neverfstop]

That didn't take too long...

Trump Media shares plunge more than 15% after company files to issue additional DJT stock
www.cnbc.com/2024/04/15/trump-media-shares-plunge-after-company-files-to-issue-additional-djt-stock.html

Since the company began public trading on March 26, its share price has fallen more than 62%, from an opening price of $70.90 that day down to around $27 on Monday.

[basilosaurus]

And it just keeps going down. LOFL. Down 70% from its high point. 14% between Monday and Tuesday.

[AAM2012]

I’m dumb when it comes to taxes, but can’t you write off investment losses in some scenarios?

Is this his ultimate goal..to further not pay any taxes?

[livinitup]

Apr 16, 2024 19:17:44 GMT -5 AAM2012 said:

I’m dumb when it comes to taxes, but can’t you write off investment losses in some scenarios?

Is this his ultimate goal..to further not pay any taxes?

No, it’s just junk stock. Trump has written off investment losses in the past to avoid taxes but that’s been part of the scheme because of real estate losses and special tax code loop holes. The IPO isn’t personal income anyway, it’s all corporate holdings and money.